Linens 'N Things reports 4Q loss

CLIFTON, N.J. Linens 'N Things reported a net loss of $62 million for the fourth quarter of 2007, compared with a net loss of $22.5 million in the prior year period.

“We recognize the challenges that the current macroeconomic environment presents, especially while we are engaged in turning around a complex operation in a highly leveraged situation,” said Robert DiNicola, chairman and ceo. “Consequently, we are taking what we consider to be prudent steps to ensure that we realize the benefits of all of our efforts over the past two years to rebuild this business.” 

The company reported total net sales of $962.9 million for its 2007 fourth quarter, an increase of 0.6% over the same period last year. According to the company, this increase was offset by a comparable-store sales decline of 1% for the quarter.

Linens 'N Things reported net sales of $2.79 billion for the fiscal year ended Dec. 29, 2007, a decrease of 0.9% from sales of $2.81 billion for the same period last year. Comparable-store sales for the period were down 3.4%.